Retirement dreams unravel

While National under the lead of an ex Wall street scheister gives themselves tax breaks at the cost of the poorer workers and  takes away workers rights at break neck speed the international financial markets John Key parasited in keep collapsing as a result of the banksters greed.

And then  of course there is the pension funds him and his mates sotld their crappy derivatives too who are now in full speed meltdown because of it. You, me and all the other baby boomers and their ofspring will go hungry in our golden years while the scheisters (Including John Key) will live it up over our broken backs.

How is that change going for ya?

For thousands of New Zealanders nearing retirement the glow has gone from what should be their golden years.

Their savings have been hit by the unprecedented convergence of a slowing property market and domestic recession, falling sharemarkets, the tsunami that was the peak of the credit crunch, and, finally, tumbling interest rates as world Governments scramble to shore up their economies.

South Auckland couple Bruce, 62, and Yvonne, 58,* are watching their retirement drift ever further away as the value of their private superannuation fund dwindles.

They were looking forward to going sailing when Bruce quit work in three years.

But despite saving into Bruce’s work super scheme for 30 years – which his employer also contributed to – Yvonne says its value is currently less than the total contributions over that time.

“We worked out that if we’d just put our contributions in the bank at 5 per cent we’d have a lot more in that fund than we’ve got now,” she says.

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